Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation explains how to work out an amount for a provision of regulation 3, 4, 5, 6 or 7.
(2) In this regulation:
"existing amount" , for a calendar year, means:
(a) if an indexed amount has not been previously worked out under this regulation -- the original amount; or
(b) the indexed amount for the year before the relevant year.
"GDP implicit price deflator value" , for a calendar year, means the GDP implicit price deflator value that was published by the Australian Bureau of Statistics in the publication Australian System of National Accounts (cat. 5204 . 0) (Table 7, Expenditure on GDP, Implicit Price Deflators), for the last financial year that ended before the calendar year.
"indexed amount" means an amount mentioned in subregulation (1).
"latest GDP implicit price deflator value" , for a relevant year, means the GDP implicit price deflator value for that year.
"original amount" means an amount that is replaceable under this regulation by an indexed amount.
"relevant year" means the calendar year for which an indexed amount is worked out.
(3) The indexed amount for a relevant year is worked out in accordance with the formula:
(4) If, apart from this subregulation, an indexed amount that is worked out under this regulation would not be a multiple of $1 000 000, the indexed amount is rounded to the nearest multiple of $1 000 000 (rounding up if the indexed amount ends in $500 000).
(5) However, if the amount worked out under subregulation (3) (after any rounding under subregulation (4)) is less than the existing amount, the indexed amount for the relevant year is taken to be the existing amount.
(6) If, at any time, whether before or after the commencement of these Regulations, the Australian Statistician publishes a GDP implicit price deflator value for a financial year in substitution for a GDP implicit price deflator value previously published for the financial year, the publication of the later GDP implicit price deflator value is to be disregarded for this regulation.
(7) However, if, at any time, whether before or after the commencement of these Regulations, the Australian Statistician changes the reference base for the GDP implicit price deflator value, then, in applying this regulation after the change is made, regard is to be had only to values published in terms of the new reference base.